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Operating status: SCAM
Website: https://www.xcyltd.com/
On 29 January 2024, the United Kingdom Financial Conduct Authority (UK FCA) issued a warning that XCY Global LTD was providing financial services or products in the UK without authorisation. You may visit: https://www.fca.org.uk/news/warnings/xcy-global-ltd
XCY Global LTD is a prime example of a group scammers who exploit basic forex broker website templates to excute their fraudulent schemes.
They simply substitute the existing brand name in the content with their own, resulting in identical content and regulatory information. For a more intuitive comparison, it is recommended to examine these cases revealed by BrokersView: multi bankpro.com, HYANB GLOBAL, and SXHJAS GLOBAL LIMITED.
These entities typically have short lifespans, vanishing as soon as their deceptive activities are detected, only to resurface under a different brand and web address. These sites are often hastily constructed. For instance, our examination of XCY Global LTD's domain name, xcyltd.com, suggests that it was registered in May 2023.
Like its deceptive counterparts, XCY Global LTD claims to be registered with the Financial Crimes Enforcement Network (FINCEN) and the National Futures Association (NFA). However, the reality contradicts these claims: there are no records in the FINCEN and NFA registers. These findings provide adequate reasons for investors to steer clear of XCY Global LTD, a fraudster operating beyond the regulatory framework.
Moreover, the United Kingdom Financial Conduct Authority (UK FCA) issued a warning that XCY Global LTD was providing finacial services or products without authorisation.
XCY Global LTD only offers an email address and live chat for communication. This absence of comprehensive company profiles and communication channels is often viewed as a red flag for fraudulent activities. If it ceases operations or disappears, the communication channels vanish as well. Investors are then left without an effective means to recover their funds. Due to XCY Global LTD's deliberate concealment of information about its actual operators, it becomes challenging for victims to report this scam to authorities for tracking.
In essence, XCY Global LTD is not regulated by any governing body. Entrusting it with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds.
XCY Global LTD appears to be a scam.
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